ICP Technical Analysis| Bull Run on the cards?
Welcome Back to Cryptoknowmics!!
We are here to yet again enlighten you on news and price predictions from the Crypto community!!
And today we are going to present to you a technical analysis video on ICP Token!
In simple terms, ICP is an innovation that allows smart contracts to run on web page speed, processes at a faster speed, and also provides efficient data storage technology to the developers.
But before we get into it, we want to thank you for the support you guys have shown towards our channel!!
The price has shown an increase of 1% from the day’s opening price.
A small price rise is being witnessed, however, we will have to wait to see if the coin breaks the immediate resistance level at $62.69 or not to confirm the price trend.
At the time of making this video, ICP is trading at $58.25.
The RSI Indicator is at 45.37%. It is constantly taking support of the 43% mark and rising, indicating a slow increase in the buying pressure.
The MACD AND SIGNAL LINES are in the positive zone. A bearish crossover by the MACD Lines over the Signal lines can be witnessed. The overall market shows a bearish trend.
The price is expected to fall and test the support level.
ICP is currently trading below the Fibonacci pivot point of $86.71. If the bulls remain strong till the day’s end, then the price is likely to rise above the FIB resistance level of $62.69.
If sustained, it will highlight the next resistance at $71.50. Thus, traders will have an opportunity to go long. If the selling pressure increases, the price may fall below the FIB support level of $54.34.
After the breakdown, price can test the next support at $44.93. Traders can accordingly take a short position.
Hope this video was helpful, and you got what you were looking for!!
For more such videos subscribe to Cryptoknowmics!!